New Research Shows That SaveUp Motivates Saving Money And Reducing Debt While Driving Customer Engagement And Loyalty For Financial Institutions

With SaveUp, more than 60% of members felt that their institutions had their financial health in mind

SAN FRANCISCO, Oct. 16, 2012 – A new report released today by the Filene Research Institute indicates that SaveUp, the first free nationwide rewards program that encourages Americans to save money and pay down debt, had a positive impact on savings behavior among those who participated in a six-month pilot study.  The research also revealed that credit unions increased member engagement and loyalty with SaveUp (

“SaveUp: Making Positive Financial Behavior Fun” is an independent review of a six-month pilot program that measured the impact of SaveUp on 14 participating financial institutions and their members.

Key findings of the report revealed that SaveUp:

  • Raised financial awareness – over half of the participants reported that SaveUp motivated them to save money and pay down debt.
  • Significantly improved each financial institution’s reputation and relationship with its members – over 40% of participants had a more positive opinion of their institution with SaveUp.
  • Drove deep and frequent customer engagements. A majority of SaveUp users surveyed—64%—visited the website at least weekly during the pilot, with 49% visiting three or more times each week. Industry benchmarks show that on average, customers use traditional Internet banking two times per week.
  • Strengthened credit unions’ loyalty rating.  Using SaveUp, credit unions garnered a 76.4% net promoter score, which rivals top brands like USAA and Apple, with over 75% of participating members recommending their credit union to family and friends.
  • High customer satisfaction – Close to 50% of participants recommended SaveUp to their friends.
  • Among the 14 financial institutions participating in the SaveUp/Filene Research Institute pilot were Northeast Credit Union, Educators, Summit and Xceed Financial Credit Union. Combined, they have 620,000 members and over $7 billion in assets.

“Our research shows the SaveUp program is a win for the financial institutions and their members.  SaveUp greatly enhanced their ability to engage with their members, raise awareness of their products and services, and influence positive savings behavior by making it fun,” said Filene Research Institute CEO Mark Meyer.  “We are pleased that the majority of participating financial institutions are continuing their relationship with SaveUp beyond the six-month pilot.”

SaveUp rewards users each time they contribute to their savings or retirement accounts; pay down their credit cards, mortgages, or other loans; or engage with SaveUp’s financial education content.  SaveUp users earn credits for every positive financial action that can be redeemed for the opportunity to win exciting or life-changing prizes including cash, consumer electronics, free air travel, shopping sprees, vacations, etc.  Nearly 250 credit union members won exciting prizes during the pilot, including several $1,000 winners.

Credit union members are having fun and enjoying the rewards of SaveUp, all while improving their financial futures.  Daniel Jock, a member of Northeast Credit Union in New Hampshire, said, “I’ve recently started to save and budget when I discovered SaveUp through my credit union. I was skeptical at first, but now after winning I can’t wait to “SaveUp”, get my finances in line, and win more prizes!”

“People are now highly engaged with social games and social media – how do we bring personal finance into this new world in a way that truly benefits people to achieve their financial goals to save money and reduce debt?” said Priya Haji, co-founder and CEO of SaveUp.  “We believe that SaveUp is defining a new way that Americans will engage with their personal finances, rewarding them for good actions, nudging positive decisions, and helping them track their progress through a fun innovative game.”

The research from the pilot program shows that SaveUp benefits both the end users, as well as their financial institutions. The study demonstrated that the majority of users made progress on their personal financial goals, and engaged with their credit union several times per week. Especially now, financial institutions need innovative ways to rebuild relationships and positively engage with their customers — to be their allies in their financial success.  SaveUp is helping financial institutions drive real results that benefit the customer.

  • The financial institutions that participated in the SaveUp/Filene Research Institute pilot include:
  • California:  Xceed Financial Credit Union
  • Colorado:  Credit Union of the Rockies
  • Michigan:  Frankenmuth Credit Union
  • Missouri:  Arsenal Credit Union
  • New Hampshire:  St. Mary’s Bank Credit Union
  • New Hampshire:  Northeast Credit Union
  • New Mexico:  Southwest Federal Credit Union
  • New York:  GPO Federal Credit Union
  • Oregon:  Oregon Employees Federal Credit Union
  • Pennsylvania:  CTCE Federal Credit Union
  • Texas:  Neighborhood Credit Union
  • Virginia:  Belvoir Federal Credit Union
  • Wisconsin:  Educators Credit Union
  • Wisconsin:  Summit Credit Union

For Credit Unions Credit Unions interested in partnering with SaveUp, please contact SaveUp’s exclusive Credit Union distributor, CU Solutions Group at

For a complete copy of the report go to:

About SaveUp
Founded in 2011, San Francisco-based SaveUp created the first free nationwide rewards program that encourages Americans to save money, pay down their debts and make positive changes to their financial behaviors.  By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting or life-changing prizes for performing positive financial actions.  The company is funded by BlueRun Ventures and True Ventures.  To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at

About Filene Research Institute
The non-profit Filene Research Institute is a consumer finance think tank serving the North American credit union system of $1.5 trillion in assets and more than 106 million members. Filene publishes objective research and fosters consumer-focused financial innovation. The Institute collaborates with leading researchers and academic institutions worldwide.

More News